UKOIL 8hour chart review/outlook. Broke key s/r recently so expecting weakness next 4-8 weeks. Previously compression intro triangle pattern and sequence of higher lows was invalidated recently with break of 83.50 USD. sequence of higher lows at 76.50 and 79.85, but broke down with recent sell side pressure mounting due to US banking crisis. Based on measured move price projection bears will target 69.50 USD, so this is a 15% correction off the base of the triangle patter setup. Recommended strategy: short sell rips/rallies and exit final TP at 69.50 on sell side.
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Nice chart mate, it's correct idea as always from you
RLinda
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This is probably the best publication on this asset in the current market sentiment + I've seen a couple of news stories that would also support this idea. Thanks for sharing)